The Nigeria Deposit Insurance Corporation (NDIC) has announced that nearly all depositors in Nigeria’s commercial banks are now fully protected under its expanded deposit insurance scheme. The Managing Director of the Corporation, Mr. Thompson Sunday, disclosed that about 98.98 percent of depositors in commercial banks are covered, marking a significant milestone in efforts to strengthen public confidence in the country’s financial system. Speaking during the NDIC’s Special Day at the 20th Abuja International Trade Fair, Mr. Sunday explained that the expanded coverage was achieved following the recent upward review of maximum insured deposit limits across various categories of financial institutions.…
Author: Temitope N.
Stanbic IBTC Holdings Plc has appointed Mr. Chukwuma Nwokocha as its substantive Group Chief Executive Officer, signaling a new phase of leadership for one of Nigeria’s most respected financial institutions. The appointment, which took effect on October 2, 2025, followed regulatory approval and marks a significant step in the bank’s long-term succession plan aimed at strengthening operational efficiency and maintaining leadership continuity. The board of Stanbic IBTC confirmed the appointment in a statement, expressing confidence that Nwokocha’s extensive experience and deep knowledge of the group’s operations will enable him to steer the institution successfully through Nigeria’s dynamic financial landscape. Prior…
The Nigeria Deposit Insurance Corporation (NDIC) has issued a strong warning to the public over the growing number of fraudulent investment schemes targeting unsuspecting Nigerians with promises of unrealistic returns. The corporation cautioned that such schemes, often operating under various deceptive names and business models, have continued to defraud individuals of their hard-earned money despite repeated public sensitization. In a recent statement by the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, the corporation urged Nigerians to be cautious and conduct thorough due diligence before committing funds to any investment platform. The NDIC emphasized that these illegal entities are…
Polaris Bank, in partnership with the Nigerian Conservation Foundation (NCF), has taken its tree-planting project to three key states: Lagos, Ogun, and Kaduna. These efforts are part of a broader campaign first launched in 2024 during World Environment Day, aimed at promoting environmental sustainability, combating climate change, reducing carbon emissions, and restoring degraded lands. In Lagos State, the tree-planting event was held at the Lekki Conservation Centre. Executives from Polaris, including Chris Ofikulu (Executive Director, Commercial & Retail) and Sharafadeen Muhammad (Executive Director, Operations), joined NCF representatives to lead the exercise. Ofikulu thanked all participants and reiterated the bank’s…
Nigeria has renewed its call for the full integration of capital markets across the Economic Community of West African States (ECOWAS), emphasizing the need for collective financial strength to drive regional growth and development. The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, made this call during a stakeholders’ meeting in Abuja, stressing that no single West African country can achieve the level of investment required to address the region’s economic challenges without a unified capital market. According to Agama, the integration of ECOWAS capital markets would provide the platform needed to pool financial resources, deepen liquidity,…
Seplat Energy has disclosed that it is close to finalising commercial terms for a new gas development project centered around its Yoho field, which is currently considered “stranded” but is seen as having strong potential for LNG (liquefied natural gas) production. The revelation came from CEO Roger Brown at African Energy Week 2025, where he explained that the company’s gas strategy is sharpening to make full use of assets that have lain largely untapped. The Yoho field sits onshore and, under Seplat’s plan, is well suited for LNG-related development. Though previously under-utilised, the field is now being repositioned within a…
The African Export-Import Bank (Afreximbank) has projected that Nigeria’s inflation rate could decline to about 14 percent by the end of 2026, provided that the government maintains its current pace of economic reforms and policy consistency. The forecast was presented by Yemi Kale, the bank’s Group Chief Economist and Managing Director of Research, during a recent public forum where he assessed the country’s macroeconomic trajectory and reform outcomes. According to Kale, Nigeria’s recent economic indicators show encouraging signs of stability, especially as inflation begins to ease after months of aggressive monetary tightening and fiscal adjustments. He noted that headline inflation…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has reaffirmed that the Nigerian government is actively developing the marine and blue economy sector to become the country’s main source of income, surpassing crude oil in the near future. Speaking during a visit to the Institute of Maritime Studies at the University of Lagos, Oyetola emphasized that Nigeria possesses vast ocean and marine resources that remain largely untapped. He said the government’s strategic objective is to maximize these resources through investments in infrastructure, manpower training, and international collaboration. Oyetola, accompanied by the Secretary-General of the International Maritime Organization (IMO), Arsenio Domínguez,…
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has said that the steady rise in Nigeria’s foreign exchange reserves is the result of deliberate efforts by the apex bank to clear outstanding foreign exchange (FX) backlogs and entrench transparency in the management of the country’s currency market. He said these reforms have not only improved investor confidence but have also contributed to stabilising the naira and strengthening the country’s external reserves. Speaking during a recent briefing in Abuja, Cardoso stated that the CBN has made significant progress in restoring confidence in the foreign exchange market through…
The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a directive mandating food manufacturers in Nigeria to significantly reduce the use of industrially produced trans fats in their products. The agency announced that the regulation aims to safeguard public health and curb the rising cases of heart disease and other diet-related illnesses linked to the excessive consumption of unhealthy fats. According to NAFDAC, food manufacturers have been given an 18-month window to comply with the new standard by reformulating their products and phasing out existing stocks that exceed the approved limit of trans fats. The directive…
The National Pension Commission (PenCom) has disclosed that more than 844,000 retirees across Nigeria are currently receiving retirement benefits under the Contributory Pension Scheme (CPS). According to the Commission, the figure represents both those who receive monthly pensions and others who have collected their lump-sum entitlements. This marks a significant milestone for the nation’s pension industry, which has grown remarkably in recent years in terms of assets, coverage, and reforms aimed at ensuring retirees live more comfortably after decades of active service. The Director-General of PenCom, Omolola Oloworaran, explained that the pension sector has moved from a troubled history where…
The Lagos Chamber of Commerce and Industry (LCCI) has urged government and private stakeholders to prioritize the sustainable transformation of Nigeria’s tourism sector, stressing its potential as a major driver of economic diversification and job creation. The call comes as policymakers intensify discussions on reducing overdependence on crude oil revenues by expanding opportunities in sectors such as tourism, hospitality, and the creative industries. Speaking at a recent forum on the state of Nigeria’s non-oil economy, LCCI President, Gabriel Idahosa, emphasized that tourism, if properly harnessed, could contribute significantly to GDP growth while generating millions of jobs across different segments of…
Wema Bank Plc has announced the commencement of entries for its annual Teachers’ Challenge, an initiative designed to celebrate and reward innovation, creativity, and excellence in Nigeria’s education sector. The program, which coincides with activities marking the 2025 World Teachers’ Day, provides teachers across the country with a platform to showcase their unique methods of teaching and their impact on students. According to the bank, the Teachers’ Challenge is part of its broader commitment to social impact and corporate responsibility, particularly in education. The initiative encourages educators to submit entries demonstrating innovative approaches to classroom management, learning delivery, technology adoption,…
The Central Bank of Nigeria (CBN) has reaffirmed its commitment to ensuring that Nigerians have access to clean and fit currency notes, following growing public concerns about the poor state of naira notes in circulation. The apex bank disclosed that new measures are being rolled out to tackle the circulation of dirty and mutilated notes while also improving the efficiency of the nation’s cash management system. In a recent statement, the CBN said its Currency Operations Department is intensifying collaboration with Deposit Money Banks (DMBs), microfinance institutions, and other financial service providers to guarantee that Nigerians receive clean notes during…
The Federal Government has announced tariff relief measures for poor Nigerians and other vulnerable groups under the implementation of the Electricity Act, signaling a renewed push to balance cost-reflective tariffs with social protection. The move comes amid rising concerns about the burden of electricity costs on households and small businesses, especially at a time when inflation and economic pressures are eroding disposable incomes. The new directive, made public by the Nigerian Electricity Regulatory Commission (NERC), provides that specific categories of electricity consumers will benefit from targeted subsidies and tariff relief to cushion the impact of ongoing reforms in the power…
The Manufacturers Association of Nigeria (MAN) has reiterated that Nigeria’s path to meaningful industrialisation and sustained economic growth depends heavily on the full and consistent execution of government policies. The association warned that while Nigeria has rolled out numerous industrial and trade policies over the years, inconsistent implementation, poor monitoring, and frequent reversals have prevented them from achieving their intended impact. Speaking at a recent forum on Nigeria’s industrial outlook, MAN President Otunba Francis Meshioye emphasized that the gap between policy design and implementation has been the country’s greatest stumbling block in driving manufacturing growth. According to him, while Nigeria…
The Nigerian Export Promotion Council (NEPC) has called on exporters to take full advantage of regional and international trade agreements to accelerate the country’s non-oil expansion and reduce reliance on crude oil revenues. The council emphasized that tapping into opportunities provided by trade deals such as the African Continental Free Trade Area (AfCFTA) could position Nigeria as a dominant player in value-added exports while improving foreign exchange earnings. NEPC Executive Director, Ezra Yakusak, speaking at a recent engagement with stakeholders, stressed that Nigeria’s economic stability depends on diversifying its exports and scaling up competitiveness in non-oil sectors like agriculture, manufacturing,…
President Bola Ahmed Tinubu is scheduled to inaugurate a newly built $400 million crude oil export terminal in Rivers State, a project expected to significantly boost Nigeria’s oil production and export capacity. The facility, described as one of the most ambitious onshore oil infrastructure projects in recent years, is expected to play a crucial role in the country’s efforts to stabilize crude output and increase foreign exchange earnings. The terminal, situated in the Bonny axis of Rivers State, has been developed to handle large volumes of crude oil exports, with the capacity to accommodate multiple grades of Nigerian crude. According…
Domestic investors in Nigeria’s equities market significantly reduced their trading activity in August, cutting back by a massive N932 billion compared to previous months. The decline underscores growing caution among local players amid persistent economic headwinds, rising inflation, and volatility in foreign exchange markets. According to fresh market data, domestic investors accounted for only about N1.31 trillion in transactions during August, a steep drop from N2.24 trillion recorded in July. Analysts attribute the contraction to tightening monetary policy by the Central Bank of Nigeria (CBN), reduced liquidity in the banking sector, and broader concerns over the stability of the naira.…
The Nigerian Export-Import Bank (NEXIM) has reported a significant boost in its operating profit, which climbed to N30.47 billion, underscoring the institution’s growing role in driving non-oil exports and supporting the federal government’s diversification agenda. This marks one of the strongest financial performances in the bank’s history, highlighting improved efficiency, prudent management, and increased lending to export-oriented sectors. The latest figures reflect a steady rise in NEXIM’s profitability, driven largely by heightened demand for credit facilities among businesses engaged in export trade. The surge comes at a time when Nigeria continues to grapple with foreign exchange scarcity and seeks to…